JSMD vs. XMHQ

Last updated Aug 4, 2026

JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) and XMHQ (Invesco S&P MidCap Quality ETF) are both exchange-traded funds - JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index, while XMHQ is a Quality Factor fund tracking the S&P MidCap 400 Quality Index. Both are passively managed. Over the past 10 years, JSMD returned 12.80%/yr vs 12.81%/yr for XMHQ. Their correlation of 0.81 means they have usually moved in the same direction. JSMD charges 0.30%/yr vs 0.25%/yr for XMHQ.

Performance

JSMD vs. XMHQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) and Invesco S&P MidCap Quality ETF (XMHQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JSMD achieves a 16.38% return, which is significantly higher than XMHQ's 13.81% return. Both investments have delivered pretty close results over the past 10 years, with JSMD having a 12.80% annualized return and XMHQ not far ahead at 12.81%.

JSMD

• 1D: 2.28%
• 1M: -3.09%
• 6M: 10.51%
• YTD: 16.38%
• 1Y: 22.10%
• 3Y*: 15.15%
• 5Y*: 7.42%
• 10Y*: 12.80%
• ALL TIME*: 13.97%

XMHQ

• 1D: 1.13%
• 1M: 2.55%
• 6M: 8.92%
• YTD: 13.81%
• 1Y: 17.48%
• 3Y*: 14.23%
• 5Y*: 10.44%
• 10Y*: 12.81%
• ALL TIME*: 9.54%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	$5.51M	$7.19M	$7.86M
XMHQ Invesco S&P MidCap Quality ETF	$19.09M	$19.28M	$20.51M

JSMD vs. XMHQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	16.38%	9.25%	15.08%	26.81%	-22.84%	8.40%	30.79%	31.05%	-4.73%	24.46%
XMHQ Invesco S&P MidCap Quality ETF	13.81%	4.71%	16.79%	29.51%	-12.42%	20.98%	26.61%	27.18%	-9.08%	15.64%

Correlation

The correlation between JSMD and XMHQ is 0.80, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (10Y) Provides a long-term view across more market conditions.	0.81
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.81

The correlation between JSMD and XMHQ has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.

JSMD vs. XMHQ - Sectors Allocation Comparison

Sectors	JSMD	XMHQ
Technology	27.7%	18.5%
Industrials	22.1%	30.2%
Healthcare	20.3%	16.0%
Financial Services	9.3%	15.1%
Consumer Cyclical	9.0%	9.4%
Real Estate	2.9%	-
Communication Services	2.7%	1.4%
Basic Materials	2.6%	1.5%
Consumer Defensive	2.4%	1.1%
Energy	1.0%	6.9%
Utilities	-	2.2%

Return for Risk

JSMD vs. XMHQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JSMD

JSMD Risk / Return Rank: 39
JSMD Sharpe Ratio Rank: 38
JSMD Sortino Ratio Rank: 38
JSMD Omega Ratio Rank: 36
JSMD Calmar Ratio Rank: 41
JSMD Martin Ratio Rank: 42

XMHQ

XMHQ Risk / Return Rank: 48
XMHQ Sharpe Ratio Rank: 46
XMHQ Sortino Ratio Rank: 48
XMHQ Omega Ratio Rank: 42
XMHQ Calmar Ratio Rank: 54
XMHQ Martin Ratio Rank: 50

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JSMD vs. XMHQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) and Invesco S&P MidCap Quality ETF (XMHQ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	JSMD	XMHQ	Difference
Sharpe ratio: Return per unit of total volatility	0.98	1.16	-0.17
Sortino ratio: Return per unit of downside risk	1.49	1.76	-0.27
Omega ratio: Gain probability vs. loss probability	1.18	1.20	-0.02
Calmar ratio: Return relative to maximum drawdown	1.49	1.98	-0.49
Martin ratio: Return relative to average drawdown	4.72	5.90	-1.17

JSMD vs. XMHQ - Sharpe Ratio Comparison

The current JSMD Sharpe Ratio is 0.98, which is comparable to the XMHQ Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of JSMD and XMHQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

JSMD vs. XMHQ - Drawdown Comparison

The maximum JSMD drawdown since its inception was -38.98%, smaller than the maximum XMHQ drawdown of -58.19%. Use the drawdown chart below to compare losses from any high point for JSMD and XMHQ.

Drawdown Indicators

	JSMD	XMHQ	Difference
Max Drawdown Largest peak-to-trough decline	-38.98%	-58.19%	+19.21%
Max Drawdown (1Y) Largest decline over 1 year	-14.86%	-8.85%	-6.01%
Max Drawdown (3Y) Largest decline over 3 years	-24.01%	-24.56%	+0.55%
Max Drawdown (5Y) Largest decline over 5 years	-32.18%	-25.47%	-6.71%
Max Drawdown (10Y) Largest decline over 10 years	-38.98%	-36.90%	-2.08%
Current Drawdown Current decline from peak	-6.42%	0.00%	-6.42%
Average Drawdown Average peak-to-trough decline	-7.42%	-9.22%	+1.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.69%	2.97%	+1.72%

Volatility

JSMD vs. XMHQ - Volatility Comparison

Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a higher volatility of 6.57% compared to Invesco S&P MidCap Quality ETF (XMHQ) at 3.28%. This indicates that JSMD's price experiences larger fluctuations and is considered to be riskier than XMHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JSMD	XMHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.57%	3.28%	+3.29%
Volatility (6M) Calculated over the trailing 6-month period	17.87%	11.03%	+6.84%
Volatility (1Y) Calculated over the trailing 1-year period	22.59%	15.18%	+7.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.15%	20.58%	+2.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.87%	20.64%	+2.23%

JSMD vs. XMHQ - Expense Ratio Comparison

JSMD has a 0.30% expense ratio, which is higher than XMHQ's 0.25% expense ratio.

Dividends

JSMD vs. XMHQ - Dividend Comparison

JSMD's dividend yield for the trailing twelve months is around 0.43%, less than XMHQ's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	0.43%	0.54%	0.76%	0.44%	0.40%	0.28%	0.24%	0.32%	0.53%	0.30%	0.36%	0.00%
XMHQ Invesco S&P MidCap Quality ETF	0.56%	0.64%	5.20%	0.73%	1.72%	1.00%	1.12%	1.22%	1.59%	1.06%	1.63%	1.34%

Frequently Asked Questions

Can I hold both JSMD and XMHQ in my portfolio?

JSMD and XMHQ have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JSMD or XMHQ?

JSMD has higher volatility (6.57%) compared to XMHQ (3.28%). In terms of maximum drawdown, JSMD dropped -38.98% vs XMHQ's -58.19%.

Which ETF is better, JSMD or XMHQ?

On 10-year performance, XMHQ leads with 12.81% vs 12.80% for JSMD. On fees, XMHQ is cheaper at 0.25% per year. On volatility, XMHQ has been the lower-risk option at 3.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JSMD or XMHQ?

Over the 10-year period, XMHQ has performed better with a 12.81% return vs 12.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JSMD or XMHQ?

XMHQ is cheaper with a 0.25% expense ratio, compared with 0.30% for JSMD.

Which ETF pays a higher dividend yield, JSMD or XMHQ?

XMHQ has the higher dividend yield at 0.56%, compared with 0.43% for JSMD.

What is the main difference between JSMD and XMHQ?

JSMD is categorized as Mid Cap Growth Equities, while XMHQ is Quality Factor. JSMD tracks Janus Small Mid Cap Growth Alpha Index, while XMHQ tracks S&P MidCap 400 Quality Index. They also come from different issuers: Janus Henderson and Invesco. Their fees differ too: 0.30% for JSMD and 0.25% for XMHQ.

Which has better risk-adjusted returns?

XMHQ currently has the higher Sharpe Ratio (1.16 vs 0.98), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.